Fitch affirms Union Bank of India despite asset quality concerns on domestic banks
Fitch Ratings has affirmed Union Bank of India’s (UBI) foreign currency Issuer Default Rating (IDR) at ‘BBB-’, National Long-term rating at ‘AA+(ind)’, Individual rating at ‘C/D’, Support rating at ‘2′, Support Rating Floor at ‘BBB-’, INR10bn lower tier 2 bonds at ‘AA+(ind)’, INR10bn upper tier 2 bonds at ‘AA(ind)’ and INR3bn perpetual tier 1 notes at ‘AA(ind)’. (more…)
S&P: Taiwan’s financial holding companies post higher-than-expected half-year results
Taiwan’s financial holding companies (FHCs) have announced better-than-expected preliminary half-year results. But the sluggish economy and prevailing low interest-rate environment could constrain many FHCs from restoring their profitability over the next few quarters. (more…)
Nomura Q1FYE10 results signal positive change in momentum; downside risks remain
Fitch Ratings has said that Nomura Holdings Inc.’s (NHI, ‘BBB’/'F2′/Stable) results for the first quarter in the financial year to March 2010 (Q1FYE10) confirms favourable momentum in its revenue, although risk exposure in its trading/investment book remains a concern given current uncertain financial markets.
NHI reported consolidated net income of JPY11.4bn in Q1FYE10 (annualised ROE of 2.95%), following five consecutive quarters of net losses and a net loss of JPY780bn in FYE09. (more…)
Visa and US bank launch a global financial supply chain network
Visa Inc. and U.S. Bank, the lead bank of U.S. Bancorp, have announced the creation of Syncada – a joint venture that provides a business-to-business (B2B) network for corporations and governments to process and track invoices, make and receive payments around the world, and have payables or receivables financed through local and global financial institutions. (more…)
Thai gold futures market makers allowed to trade overseas
Thai gold futures market makers can now trade futures contracts that have gold or gold exchange-traded funds (ETFs) as the underlying assets in foreign exchanges, each with the asset limit of USD5 million. The Thailand Futures Exchange (TFEX) also appointed T.C. (more…)
Speculative-Grade Composite Spread Tightens To 885 Basis Points
Standard & Poor’s investment-grade and speculative-grade composite spreads tightened yesterday, to 266 basis points (bps) and 885 bps, respectively. Spreads compressed across the board by rating as well, with the ‘AA’ spread compressing by 3 bps to 173 bps, ‘A’ by 5 bps to 228 bps, ‘BBB’ by 6 bps to 355 bps, ‘BB’ and ‘B’ by 12 bps each to 593 bps and 819 bps, respectively, and ‘CCC’ by 17 bps to 1,428 bps.
Industrials led spread compression by industry, tightening 8 bps to 466 bps, followed by financial institutions, which tightened 6 bps to 504 bps. (more…)
Thai bourse raises over THB300 billion in H1/2009
In H1/2009, The Stock Exchange of Thailand (SET) launched gold futures, derivatives warrants, 11 single stock futures, and the FTSE SET Shariah Index. SET will increase the number of listed companies after the Board of Investment (BoI) provided tax benefits for BoI-promoted firms to list on the Thai capital market. (more…)
Dayton School District No. 8, Yamhill County, OR’s GO Bonds Assigned ‘AA’ Long-Term Rating, ‘A+’ School ICR
Standard & Poor’s Ratings Services assigned its ‘AA’ long-term rating to Dayton School District No. 8, Yamhill County, Ore.’s series 2009A general obligation (GO) bonds and 2009B federally taxable (Build America Bonds — Direct Payment) GO bonds. In addition, Standard & Poor’s assigned its ‘A+’ school issuer credit rating (ICR) to both series. (more…)
Arrowhead Metropolitan District, CO’s GO Debt SPUR Raised To ‘AA-’ On Strong Fund Balances, Limited Capital Needs
Standard & Poor’s Ratings Services raised its underlying rating (SPUR) on Arrowhead Metropolitan District, Colo.’s outstanding general obligation (GO) debt to ‘AA-’ from ‘A’ based on the district’s consistently strong fund balances and mostly built-out status. (more…)
TRIS Rating Assigns Issue Ratings of “PF” at “BBB/Stable”
TRIS Rating Co., Ltd. has assigned “BBB” ratings with “stable” outlook to the proposed issues of up to Bt300 million and up to Bt800 million in senior secured debentures of Property Perfect PLC (PF). The ratings reflect PF’s proven track record in the housing market and accepted brand name in the middle- to high-priced segment. (more…)